Millionaires club gets bigger, members richer

[a kennedy]

By Candice Choi, Associated Press Writer

NEW YORK — The number of people around the globe with at least $1 million in assets grew 6% last year to 10.1 million, according to the 12th annual World Wealth Report released Tuesday by Merrill Lynch and Capgemini Group, a consulting firm.

That means an additional 600,000 people became millionaires or richer even as problems tied to the U.S. credit crisis spread in the second half of the year.

The combined wealth of the millionaires' club meanwhile grew 9.4% to $40.7 trillion. Their average wealth, which didn't include primary homes, surpassed $4 million for the first time.

The super rich — those with at least $30 million — grew 8.8% in population while their accumulated wealth grew 14.5%. This rarefied group controls about a third of the $40.7 trillion.

For such an elite club, 10.1 million may seem like a lot of members. But the figure represents just 0.15% of the world's population of 6.7 billion.

Full article: http://www.usatoday.com/money/2008-06-24-millionaire-club_N.htm?loc=interstitialskip

[maxsolomon]

1. and "Some People" say republican economics don't work!

6% more millionaires! at this rate everyone will be a millionaire in... ummm....

:think:

WHEN THE SUN GOES SUPERNOVA.

[no_hypocrisy]

2. That's because they have some of my money, that's why.

I hate wealth redistribution that goes upwards.

[Fovea]

3. HOOORAH!!!!

almost a fourth as many millionaires as those who have no medical insurance at all.

Is this a great country or what?

No, that is not a rhetorical question.

Of course, we will all be billionaires in 2009 dollars.

[stillcool]

4. Whenever I see statistics on wealth...

I think of Ferdinand Lundberg and his book "The Rich and the Super-rich" available for free download at the following link because of it's copyright expiration http://www.soilandhealth.org/03sov/0303critic/0303socialcriticism.html
After reading this one book, I will never be able to look at American wealth and government the same.